Salvadoran President Bukele announced yesterday (15) that the majority of Bitcoin will be transferred to a cold wallet, and the wallet address will be made public. This move has received widespread praise from the crypto community. Bukele then announced today that El Salvador will continue to make daily investments of 1 Bitcoin into the cold wallet until it becomes difficult to afford purchasing Bitcoin with fiat currency.
(Digest of previous developments:
El Salvador transferred 5,689 Bitcoins to a cold wallet! Donations pouring into the address: Satoshi, the Crypto Punk Manifesto
.. )
(Supplementary background:
El Salvador’s Bitcoin holdings have gained $83 million! Legendary investor Tim Draper: It will become the wealthiest country in the world
)
Table of Contents:
Daily investments in BTC will continue until fiat currency can no longer purchase it
Bitcoin holdings in profit exceed 62%
El Salvador embracing Bitcoin policies
Salvadoran President Bukele announced yesterday (15) that the country will transfer 5,689 Bitcoins to a cold wallet in the domestic vault and has made the wallet address public, demonstrating a commitment to Bitcoin and transparency. This has received praise and support from the crypto community, and the country’s cold wallet has received several donations, including from Satoshi, Inscriptions, and small amounts of Bitcoin…
Today, Bukele further announced on X:
El Salvador’s plan to make daily investments of 1 Bitcoin, which Bukele announced on November 17, 2022. Since then, El Salvador has been continuously purchasing Bitcoin.
Currently, El Salvador holds a total of 5,690 Bitcoins, with a total value of up to $394 million. The Bitcoin browser Mempool data shows that El Salvador purchased a Bitcoin last night for $69,176.
In addition, according to NayibTracker data, the country’s average cost of purchasing Bitcoin is $42,640.97, with unrealized profits exceeding $76.1 million and a return rate of 62.3%.
El Salvador’s cold wallet
In addition to the Bitcoin investment plan, Bukele has also vigorously implemented various Bitcoin policies, including launching the investment citizenship program in December last year. Investing $1 million in Bitcoin or USDT can obtain residency visas and citizenship. They have also issued $1 billion in Bitcoin volcano bonds, which were approved by the National Digital Asset Council (CNAD) for regulation and are expected to be issued in the first quarter of 2024.
In response, Tim Draper, a well-known venture capitalist in Silicon Valley and founder of Draper Associates, recently attended the Web3 Deep Dive podcast hosted by cryptocurrency journalist Rachel Wolfson and praised El Salvador’s embrace of Bitcoin. He stated that Bitcoin is helping El Salvador grow and become a better country, and will determine the country’s destiny in the coming years:
Tim Draper predicts that if the price of Bitcoin reaches $100,000, El Salvador will be able to repay its debt to the International Monetary Fund (IMF) and will no longer need to deal with the IMF.
Further reading:
El Salvador’s Bitcoin holdings gain $83 million! Legendary investor Tim Draper: It will become the wealthiest country in the world
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